The single-family home price appreciation in the United States slowed lower than the predictions in October on indications of some amount of re-acceleration in the prices of home across several cities by the end of this year, a closely watched survey showed on Tuesday.
The S&P/Case Shiller composite index showing 20 metropolitan areas surged 4.5 percent in October from last year, as compared to a revised 4.8 percent rise in September.
Meanwhile, several economists made forecast of a 4.4 percent increase in October.
The prices in the 20 cities increased 0.8 percent for the month of October on a seasonally adjusted monthly basis. But the forecast by some economists suggested an increase of 0.4 percent.
On the other hand, the non-seasonally adjusted prices dropped 0.1 percent in the 20 cities on a monthly basis. The market analysts had expected them to remain unchanged.
In a statement, David Blitzer, chairman of S&P Dow Jones Indices index committee, said, “After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015.”
A broader measure of the activity of country’s housing market rose at a 4.6 percent clip on a year-over-year basis as compared to a 4.8 percent rate in September.
The seasonally adjusted 10-city gauge increased 0.7 percent in October against a revised 0.2 percent gain in September. On the other side, the non-adjusted 10-city index dropped 0.1 percent for a second consecutive month in October.
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